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Climate change

What does climate change mean for business? On this page you can access a range of articles, research and guidance on topics including reporting on climate, climate risk in financial services and incorporating climate change into corporate decision making.

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Featured article

"Risk Thinking" in an unstable world
Businesses are being asked to measure their financial risk of climate-related change. But no one seems to know how.

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Featured link

What climate-related risks is your organization prepared for?
EY, 2019
Advice on how scenario analysis can be applied to climate-related risks, allowing organizations to explore some of the impacts of different climate futures. 

ICAEW

Reporting on climate change
An overview of current UK reporting guidance from the ICAEW Financial Reporting Faculty. 

Resources for members
A listing of the latest ICAEW articles and webinars on climate change, to keep members abreast of developments in this area.

Online articles

The Library provides access to leading business, finance and management journals. These journals are available to logged-in ICAEW members, ACA students and other entitled users subject to suppliers' terms of use.

The board of directors and climate change

The article reports on a growing movement by policy and business leaders to incorporate 'Build Back Better' climate-friendly policies into their post-COVID-19 rebuild plans. Karina Litvack investigates what this means in practice for boards, and provides a comprehensive list of climate change considerations for both investors and companies.

People, planet and the corporate balance sheet

Investors are increasingly looking to boards to take a position on climate change and how it will impact long-term company strategy. Improved disclosure reporting by companies will allow investors to better assess the risks they face when investing. Prue Moodie explains the advantages of using the Taskforce on Climate-related Financial Disclosures (TCFD) framework for reporting.

"Risk Thinking" in an unstable world

Businesses in California are being asked to measure their exposure to climate change risks. Gordon Feller looks at how climate change may affect the balance sheets of banks and insurers, and some methods of quantifying climate risk.

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Articles are available to logged-in ICAEW members, ACA students and other entitled users.

Useful links 

Organisations

Carbon Trust
Organisation supporting businesses and the public sector to cut carbon emissions, save energy and commercialise low carbon technologies. The website gives information on climate change legislation, emerging technologies and guides.

Climate Disclosure Standards Board
International consortium of business and environmental NGOs. Offers companies a framework for reporting environmental information and natural capital in mainstream reports such as the annual report, 10-K filing or integrated report.

The Intergovernmental Panel on Climate Change (IPCC)
United Nations body responsible for assessing the science related to climate change. The IPCC provides regular assessments of the scientific basis of climate change, its impacts and future risks, and options for adaptation and mitigation. 

Task Force for Climate-related Financial Disclosures (TCFD)
The Financial Stability Board established the TCFD to develop recommendations for more effective climate-related disclosures. The Task Force has 32 international members, including providers
of capital, insurers, large non-financial companies, accounting and consulting firms, and credit rating agencies.

Reports, surveys and guidance

Climate resilience perspectives
Latest insights into climate change and sustainability, including the implications for boards, from professional services firm Marsh & McLennan.

EY Global Climate Risk Barometer
A snapshot of climate risk reporting disclosures from over 500 companies across sectors in 18 countries during the 2017-18 reporting period. The report provides an overview of the current state of global climate risk reporting and suggests areas of improvement. 

How to anticipate a Green Swan event
This Carbon Trust October 2020 report looks at climate transition risk as it relates to Chinese financial institutions and includes an in-depth review of methodologies used to understand climate risk in portfolios. 

Interim report of the UK's Joint Government Regulator TCFD Taskforce
November 2020 report – and accompanying roadmap – outlining the UK’s approach to implementing the recommendations of the Taskforce on Climate-related Financial Disclosures. The Government intends to introduce fully mandatory climate-related financial disclosure requirements across the UK economy.

TCFD Knowledge hub
Resources from the Task Force for Climate-related Financial Disclosures (TCFD), including industry reports, case studies and online courses.

Articles and books in the Library collection

Selected articles and books

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Filling the gaps
(Governance and compliance: the ICSA Magazine, December 2019/January 2020)
The challenge of climate change has gained a lot of prominence over the past few years, and it is clear that investors and companies are increasingly seen as part of the solution. Climate change requires companies to look to the future, which can be difficult when there is so much uncertainty. In this context, it can be difficult to work out what to report.

Climate change: time to improve your disclosure?
(FS Focus, May 2018)
This article discusses "the who, what and where of new recommendations for climate-related financial disclosures".

Corporate carbon and climate accounting
(Springer, 2015)
Discusses management accounting approaches for analysing business benefits and costs of climate change. Covers future directions on carbon accounting and performance measurement and reporting. Also looks at links between climate accounting and business processes, product and service development, supply chain innovation, economic successes and stakeholder relations.

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